Safe Bulkers reported a stable performance in Q3 2025, benefiting from a recovering dry bulk market and strong cash flow visibility, while maintaining a commitment to fleet modernization and consistent dividends.

• Declared a dividend of $0.05 per share, marking the 16th consecutive quarterly dividend with a yield of 4.1%.
• Achieved a contracted revenue backlog of over $124 million from period-chartered Capesize vessels, ensuring strong cash flow.
• Sold 2 older vessels as part of a fleet renewal strategy, aligning with sustainability goals, resulting in zero vessels rated in D & E carbon intensity for 2024.
• Maintained a solid capital structure with $390 million in liquidity and a leverage ratio of approximately 35%.
• Anticipated dry bulk demand growth projections of 2% for 2026 and 1.5% for 2027, driven by grains and minor bulk shipments.